Budget 2014

Get the script from below link on 2014 budget

http://mybajet.my/budget-2014-full-text-of-prime-ministers-speech

The snapshot of budget:

1.  Monthly tax deduction is final tax, if tax payer is satisfied.
2.  GST – 6% -  GST will not be imposed on services provided by the Government such as the issuance of passports, licences, health services and school education; GST will not be imposed on piped water supply, and the first 200 units of electricity per month for domestic consumers;
3.  Individual income tax rates be reduced by 1 to 3 percentage points
4. families with monthly income of RM4,000 will no longer have tax liability
5. Corporate income tax rate be reduced by 1 percentage point from 25% to 24%. Whereas income tax rate for small and medium companies will be reduced by 1 percentage point from 20% to 19% from the year of assessment 2016;
6. Secretarial fee and tax filing fee are allowed as tax deductions from the year of assessment 2015;
7. RM530 million for preschool programmes as well as set up 93 preschools in national-type primary school
8. Removal of sugar subsidy of 34 sen effective 26 October 2013.
9. For gains on properties disposed within the holding period of up to 3 years, RPGT rate is increased to 30%, whereas for disposals within the holding period up to 4 and 5 years, the rates are increased to 20% and 15%, respectively. For disposals made in the sixth and subsequent years, no RPGT is imposed on citizens, whereas companies are taxed at 5%.
10. For non-citizens, RPGT is imposed at 30% on the gains from properties disposed within the holding period of up to 5 years and for disposals in the sixth and subsequent years, RPGT is imposed at 5%.
11. Increase the minimum price of property that can be purchased by foreigners from RM500,000 to RM1,000,000
12.  a special tax relief of RM2,000 be given to tax payers with a monthly income up to RM8,000 received in 2013.
13.  BR1M to households with a monthly income of below RM3,000 will be increased from RM500 to RM650.
14. For single individuals aged 21 and above and with a monthly income not exceeding RM2,000, BR1M will be increased from RM250 to RM300.